Find Out if You Qualify For Cash For Clunkers

The Cash for Clunkers, (a.k.a. CARS, Cash Allowance Rebate System) program is officially launched, and of course you want to know if you qualify for it right? Of course you do. You want to save the environment I'm sure. At least that is what you are telling everyone. You just want the $4500 am I right? :)

You guys that like to see if you can pick up your next ride on the cheap at free online auctions may have a better discount with this new CARS program. How do you take advantage of it?

These are the general guidelines for the Cash 4 Clunkers program, but jump to the bottom of the post to find out if your car is eligible, as well as all the eligible vehicles for the Cash 4 Clunkers program.

What are the trade-in qualifications needed to receive the voucher?
-- Your vehicle must be less than 25 years old on the trade-in date
-- Only purchase or lease of new vehicles qualify
-- Generally, trade-in vehicles must get 18 or less MPG (some very large
pick-up trucks and cargo vans have different requirements)
-- Trade-in vehicles must be registered and insured continuously for the
full year preceding the trade-in
-- Dealers must register to be a part of the program. Consumers should
ask this of dealers.
-- You don't need a voucher, dealers will apply a credit at purchase
-- Program runs through Nov. 1, 2009 or when the government funds are
exhausted, whichever comes first

-- The vehicle that you are trading in is required to be destroyed.
Furthermore, the dealer is to disclose to you an estimate of the scrap
value of your trade-in. The scrap value, however minimal, will be in
addition to the rebate, and not in place of the rebate.

To find out if YOUR specific car qualifies for the Cash 4 Clunkers (CARS) program you can find that information here with this handy trade in amount calculator. Just use the drop down menus to see if your car is on the eligibility list of the Cash 4 Clunkers vouchers, and how much YOUR car will get you in vouchers for a trade in.

Cash for Clunkers Senate Bill

Hopefully you don't have your mouth full right now because this bill is certainly going to fill it. I'll try and summarize the main points, but you can read the legal mumbo jumbo here.

The Cash For Clunkers Senate Bill was designed to help people switch to more fuel efficient automobiles by giving them vouchers to help offset the cost. It really isn't as complicated as it looks there, but here are the basics:

1. $3,500 voucher if the new fuel efficient automobile is a passenger automobile and the combined fuel economy value of car is at least 4 miles per gallon higher than the combined fuel economy value of the eligible trade-in vehicle. It must be only 2 MPG better for eligible trucks.

2. You can get $4,500 if your trade in car gets at least 10 MPG less than the new economy fuel vehicle. 5 MPG less if you are trading in a truck.

3. The program lasts from March 30, 2009 until....

"the day that is 1 year after the date on which the regulations promulgated under subsection are implemented."

So...basically you can offset the purchase of a new "eco car" by up to $4500 if you trade in a car with fuel efficiency of 5-10 MPG less than the new vehicle you purchase at participating dealerships. Let's just say that your old car probably just took a mega Solo Slim drop in resale value friends.